Crude Gains, Cost Cuts Boost
Shell's Fourth-Quarter Earnings

Royal Dutch/Shell Group said net income more than doubled in the fourth quarter, citing sharply higher crude-oil prices and cost reductions.

The Anglo-Dutch oil concern's net income -- after stripping out inventory gains and losses, but before special items -- rose to $2.24 billion in the fourth quarter from $818 million a year earlier. Net income for the full year rose 38% to $7.09 billion from $5.15 billion in 1998, when crude...